UK government unveils offshore wind sector-committed investment entity

UK government has formed a new entity, Offshore Wind Investment Organisation (OWIO), to increase inward investment to the offshore wind energy sector in the country.

OWIO, established by UK Trade & Investment, is a collaboration between sector industry and the government, which is committed to facilitate government’s offshore investment projects.

UK Energy Minister Michael Fallon said the launch of a new industry group is a major part of government’s strategy to increase investment levels to offshore wind energy sector.

"We already have more installed offshore wind than anywhere else in the world, and this brings enormous economic benefit to our shores, supporting thousands of skilled jobs," added Fallon.

"Through the formation of this industry-led partnership and through our support for innovation projects, we will boost the positive benefits that the offshore wind sector can bring to the UK economy."

Reacting to the government’s announcement, RenewableUK chief executive Maria McCaffery stated: "This news is a welcome boost for British industry and restates the Government’s acknowledgement that offshore wind represents massive economic potential for the UK.

"The fact that this new organisation will coordinate Government’s work with business via a leading industry figure is important as it further cements the positive relationship between Government and industry, as we work together to build the investment climate we need going forward."

Meanwhile, Energy Minister Fallon has also extended support to three offshore projects which include £540,000 grant for subsea cable jointing technology project, £769,600 funds for cost-effective fabrication project and £728,355 for 5MW medium speed drive train project.